 has strongly criticised the Federal Government’s approval of a new N1.15 trillion domestic borrowing plan, accusing President Bola Ahmed Tinubu of betraying his administration’s own fiscal promises and worsening Nigeria’s debt crisis.){kind=link}
The African Democratic Congress (ADC) has strongly criticised the Federal Government’s approval of a new N1.15 trillion domestic borrowing plan, accusing President Bola Ahmed Tinubu of betraying his administration’s own fiscal promises and worsening Nigeria’s debt crisis.
In a statement issued on Thursday by its National Publicity Secretary, Bolaji Abdullahi, the party expressed concern that despite government claims of surpassing non-oil revenue targets, the borrowing spree has continued unabated.
Abdullahi described the move as “a troubling sign of inconsistency and poor fiscal discipline” by the Tinubu administration.
He noted that while the government had publicly celebrated generating N20.59 trillion in non-oil revenue by August 2025, it was “deeply alarming” that it still sought additional loans, adding that such actions cast doubt on the credibility of Nigeria’s fiscal management.
According to him, “A government cannot claim to be financially healthy and still be addicted to borrowing. This is not strategic financing, it’s fiscal double-speak.”
The ADC also cited reports suggesting that Nigeria’s total public debt could hit ₦193 trillion if all of President Tinubu’s 2025 borrowing requests are approved.
Figures from the Debt Management Office indicate that as of June 30, 2025, the country’s debt stood at N152.4 trillion — N80.55 trillion in domestic obligations and ₦71.85 trillion in external debts.
Abdullahi argued that the administration was “borrowing against its own words,” having previously pledged to phase out domestic loans once revenue generation improved.
He described the trend as a “reckless mortgage of the nation’s future under the guise of economic reform.”
He added, “It’s baffling that a government boasting record-breaking revenue is still running to creditors.
“Nigerians are paying the price for this economic confusion, not in figures, but in hunger and hardship.”
The ADC further faulted the ruling All Progressives Congress (APC)-dominated National Assembly for hastily approving new loan requests without thorough scrutiny, describing it as “a betrayal of legislative responsibility.”
While the government insists that inflation has eased to 18.02 per cent, the opposition party argued that the figure does not reflect the reality in Nigerian markets.
It noted that food prices, transportation costs, and household expenses have surged since Tinubu assumed office.
Abdullahi said, “People don’t live by statistics; they live by what they can afford. Every market woman knows inflation better than the National Bureau of Statistics.”
The ADC called for immediate reforms, urging the Tinubu administration to impose a moratorium on new non-essential loans, publish detailed records of all revenue inflows and debt disbursements, and subject non-oil revenue claims to independent verification.
“The President must understand that you can’t borrow your way to prosperity,” Abdullahi warned.
“True economic recovery begins with transparency, accountability, and fiscal honesty.”
He stressed that the ADC would continue to hold the government accountable, adding that Nigerians deserve clear answers on how borrowed funds are utilised and how the growing debt aligns with the administration’s economic promises.